Monero, Dash, and ZCash plummet after OKX delisting
OKX, the cryptocurrency exchange currently ranked as the sixth-largest in terms of trading volume, will delist several privacy-focused cryptocurrencies, including Monero (XMR), Dash (DASH), and ZCash (ZEC).
The trading pairs for these tokens will be removed from the platform on January 5. This decision led to a slump in the value of these privacy tokens, with declines of up to 12%.
OKX stated that the delisting of these 20 trading pairs is based on user feedback and its Token Delisting / Hiding Guideline, indicating that these pairs did not meet their listing criteria. The specific criteria or reasons for the delisting of these privacy coins were not detailed.
“In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis,” OKX said in the announcement.
Privacy coins are designed to preserve user anonymity by obscuring transaction details, which has made them less popular with regulators. Their unique features make it challenging to trace the flow of money, offering enhanced privacy for financial activities.
In preparation for this delisting, OKX had already halted user deposits of certain privacy-related coins, including XMR, DASH, ZEC, and ZEN, on December 27. Withdrawals for these tokens will also be suspended starting March 5, 2024.
OKX’s decision to remove these privacy coins aligns with similar actions taken by other exchanges. For instance, Huobi announced plans to delist seven privacy-related coins in September 2022. Additionally, Binance initially planned to delist all privacy tokens in countries like France and Italy in May 2023, though it later reversed this decision.
OKX is one of the largest cryptocurrency exchanges, trading at least $3 billion in crypto per day. The exchange currently lists a total of 482 trading pairs, but the latest delistings indicate a shift in its approach to privacy coins.
OKX’s recent proof-of-reserves (PoR) report showed that its wallets hold $12.5 billion in primary assets, ensuring the platform’s ability to handle customer withdrawals. The report also indicates that OKX has maintained a reserve ratio above 100% for 12 consecutive months across all these assets. Among the assets covered are BTC, ETH, USDT, USDC, XRP, DOGE, SOL, and OKB, among others.